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Bill > HR5240
US HR5240
US HR5240To amend the Internal Revenue Code of 1986 to make the look-thru rule for related controlled foreign corporations permanent.
summary
Introduced
11/21/2019
11/21/2019
In Committee
11/21/2019
11/21/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to make the look-thru rule for related controlled foreign corporations permanent. This bill amends the Internal Revenue Code to make permanent the tax rule exempting dividends, interest, rents, and royalties received or accrued from certain controlled foreign corporations by a related entity from treatment as foreign holding company income (thus permitting tax deferral of such income).
AI Summary
This bill amends the Internal Revenue Code to make permanent the "look-thru" rule, which exempts dividends, interest, rents, and royalties received or accrued from certain controlled foreign corporations by a related entity from being treated as foreign holding company income. This allows for the tax deferral of such income, rather than having it subject to immediate taxation. The amendment applies to taxable years of foreign corporations beginning after December 31, 2019, and to taxable years of U.S. shareholders that align with those foreign corporation taxable years.
Committee Categories
Budget and Finance
Sponsors (15)
Ron Kind (D)*,
Jodey Arrington (R),
Ron Estes (R),
Drew Ferguson (R),
Brian Higgins (D),
George Holding (R),
Darin LaHood (R),
John Larson (D),
Gwen Moore (D),
Brad Schneider (D),
David Schweikert (R),
Terri Sewell (D),
Jason Smith (R),
Tom Suozzi (D),
Jackie Walorski (R),
Last Action
Referred to the House Committee on Ways and Means. (on 11/21/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/5240/all-info |
| BillText | https://www.congress.gov/116/bills/hr5240/BILLS-116hr5240ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr5240/BILLS-116hr5240ih.pdf.pdf |
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